Lead officer(s)

Malcolm Orbell01534 441027

Dormant Bank Accounts

Scrutiny review - Economic and International Affairs Panel

Launch date: 26/04/2016

Review status: Comments published

What is the review about?

The Panel will review the Draft Dormant Bank Accounts (Jersey) Law 201- (P.25/2016) lodged by the Chief Minister, following an initial debate on the principles on 26 April 2016. Panel members will consider written and oral submissions from the department and other witnesses to determine whether it is appropriate for Government to legislate for the collection and re-distribution of unclaimed private assets held by banks. As part of its review the Panel will consider whether the proposed period of 15 years for identifying dormant accounts is appropriate; if the full capital value of the assets should form part of the distribution or if there should be restrictions; and whether different classes of assets or currencies should be included. The Panel will report its findings to the States before the resumption of the debate on 28 June.

Terms of reference

​To review the Draft Dormant Bank Accounts (Jersey) Law 201- (P.25/2016), associated documents and written and oral submissions from the department and any other witnesses. The Panel will consider the following aspects:

1. Whether it is appropriate for Government to legislate for the collection and re-distribution of unclaimed private assets held by banks, and if so:

2. Whether the proposed period of 15 years for identifying dormant accounts is appropriate

3. Whether the full capital value of the assets collected should form part of that distribution, or if it would be preferable (for example) to distribute only a proportion of the funds arising, or the interest accrued by investing the capital in a ring-fenced fund